Even though the us dollar is experiencing weakness, There is resistance to be found and pivot points still to be driven to the ground.
The horizontal lines display continuation and reversal points pertaining to Fibonacci re-trace-mint on prior overall greater trends.
There are 3 scenarios.
-Consolidation around these pivot points, Breaking and returning until...
USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above...
